Finance Globe

U.S. financial and economic topics from several finance writers.
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Are you Ready for Self Employment? Answer these Questions

To some, the idea of being self employed is just about as good as it gets. These people are tired of reporting to others and are looking for freedom within their career.

While the benefits of self employment run deep, you don’t want to move forward just yet. Instead, it is important to realize what you are getting yourself into before taking the leap.

If you are unsure of whether self employment is right for you, answering the following questions will help you better understand your position as well as what you should be doing next.

1. Which industry are you getting involved with? This is the first question you have to answer. If you don’t know the capacity in which you will be self employed, moving forward is an impossible task.

Are you going to work as a writer? A designer? A sales person? An interior decorator? As you can see, you can be self employed in a variety of industries. Pinpoint the one that is right for you, giving you a good base for moving forward.

2. Do you have a business and marketing plan to lean on? Starting a business is no simple task. As excited as you may be, it is important to realize the importance of a business and marketing plan that will keep you on track during the early months.

Your business and marketing plan can and will change as you grow, but you must have something basic in place from day one.

3. Do you have enough money to get by for the meantime? Taking the leap from a steady paycheck to self employment can be scary, especially if you don’t have the financial means of getting by while your business gets up and running.

Before you dive headfirst into self employment, make sure you have enough money in the bank to keep your head above water.

Note: you will find this transition much easier if you have a spouse who works.

4. Are you ready for everything that goes along with being self employed? In addition to doing your actual job, you will be responsible for things such as paying taxes, managing contractors, and much more.

You are now running a business. There is a learning curve associated with this, but once you are on the right track you should be pretty comfortable with what is expected of you.

5. Do you have the support of your family? This is not a question that pertains to everybody, but it may be one that you have to answer sooner rather than later.

Is your spouse on board with the idea of ditching your steady job for self employment? If the answer is yes, you are in good position to move forward. If the answer is no, you should discuss the pros and cons before you do anything.

Have you been dreaming of living the life of a self employed professional? If so, answer the five questions above and then decide if you are truly ready for this.
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Thursday, 21 November 2019

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